The movement to modernize the global payment system is quickly gaining momentum as another major e-money outfit company joins RippleNet. Ripple (XRP) has recorded another major signing, with Moneynetint, a United Kingdom-based e-money outfit announcing on Tuesday that it has teamed up with Ripple to use the company’s blockchain-based instant payments rails. Based in London

The movement to modernize the global payment system is quickly gaining momentum as another major e-money outfit company joins RippleNet.

Ripple (XRP) has recorded another major signing, with Moneynetint, a United Kingdom-based e-money outfit announcing on Tuesday that it has teamed up with Ripple to use the company’s blockchain-based instant payments rails.

Based in London with a focus on payment services for corporate clients, Moneynetint is the latest company to become a member of RippleNet.

Recently, it has been increasing the number of partnerships with fintech firms to provide cross-border money transfers and currency exchange services to corporate clients across the globe who want to make their operations more efficient.

Moneynetint chief executive Yishay Trif said:

“Ripple’s technology is very interesting and can revolutionize the payments industry in the near future,” “The processes of interfacing and approval between financial institutions, previously taking months or even years are now significantly reduced to a matter of days to a few weeks.”

Moneynetint has already received payment instructions from two other network partners. “With Ripple, we can connect to numerous companies via one API. It’s basically a hub for multiple end users,” Trif added. “Connecting to banks that implemented the system is also much easier now.”